It is normal for employers to hate paydays, although not so much because it is the day they have to pay their employees their due but because doing so involves a lot of counting and computing. Computing individual salaries and giving the accurate amount to every employee is definitely taxing and may cause much confusion. To avoid all these troubles, many employers have opted to release payroll checks instead of actual cash during paydays. With payroll checks, employers no longer have to worry about counting cash.
But while payroll checks offer convenience for employers, they offer the opposite for employees, especially if the employee is ‘unbanked’ or ‘under-banked.’ Long lines, limited banking hours and tons of requirements often pester employees each time they cash their payroll checks at the bank. There?s also the additional trouble of paying a check cashing fee, although often minimal, for every payroll cashing transaction for the ‘unbanked’ and the ‘under-banked.’
Because of various business developments and technological advancements, payroll check cashing is no longer very inconvenient for employees. Banks are no longer the only establishments where you can cash payroll checks. Nowadays, you can cash a payroll check from a check-cashing center, which often requires a very minimal check-cashing fee and can process the check in less than 5 minutes. For more convenience, you can also cash your payroll check from the various check-cashing kiosks that can be easily found in major shopping centers and many convenience stores.
Another technology being developed today, which is, in fact, already being used by many companies today, is the payroll card. The payroll card is a plastic card that employers can use in place of payroll checks. This new technology allows employers to directly load an employee?s salary to the card, making cash transfers more convenient on the part of the employer.
With new technologies and various developments in the business world, payroll check cashing is no longer as inconvenient as it was years ago. And with more technologies being developed in the area of payroll check cashing, payroll checks and related instruments may soon be seen both by employers and employees as more practical than handing out salaries in cash.